New agent interested in performing BPO'S Can I sign up without a Broker?

Asked by oreminspections, Umatilla, FL Mon Jun 16, 2014

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9
Ruth and Per…, Agent, Los Gatos, CA
Wed Jun 18, 2014
Right, as long as you can meet the BPO companies requirements of you carrying a
$1M in Liability Coverage.

Good luck

Ruth
0 votes
Yanoska Diaz, Agent, Miami, FL
Wed Jun 18, 2014
I believe your question has been somewhat misunderstood, I will give it a try to see if I nail it.

Most BPO companies will accept your application as agent and pay you for the completion of the orders directly as long as you provide them with a copy of your W-9.

Of course, your Broker will have to agree to that which they usually do. In my opinion, only a very stingy Broker would demand a portion of your hard earned BPO money.
0 votes
Stephanie Le…, Agent, Miami Lakes, FL
Tue Jun 17, 2014
To complete a BPO you will need to be registered with a Broker and have access to the MLS and other networks required by the lender. Sometimes BPO's are done for free in hopes of getting the listing or a listing.

If you are a new agent I suggest you focus on Selling instead. Property values have increased across the US and we are seeing less homes in distress. The market is changing and BPO's will be a thing of the past if they are not already...

BPO's were really Hot in 2008-2011 that is when they use to pay more. Now you get peanuts and it is a lot of work and time to complete a BPO. You really need to know the market to complete a BPO correctly as they ask market stat questions that you will need to know.

As a new agent start farming an area it will payoff with great returns...$$$$$$$$
0 votes
Jeff and Kaye…, Agent, Colorado Springs, CO
Tue Jun 17, 2014
I agree with Chris. Look at longer lasting, higher pay off real estate activities. If you build your business on them you will not have time to build your business selling real estate.
0 votes
Akil Walker, Agent, Upper Marlboro, MD
Tue Jun 17, 2014
Legitimate companies will ask for a copy of your license so you will need to be affiliated plus have insurance.

Best of Luck
0 votes
Akil Walker, Agent, Upper Marlboro, MD
Tue Jun 17, 2014
Legitimate companies will ask for a copy of your license so you will need to be affiliated plus have insurance.

Best of Luck
0 votes
Chris O'Conn…, Agent, Clearwater, FL
Mon Jun 16, 2014
In my opinion your time is better spent doing just about anything else including napping. BPO's pay very little and are quite time consuming. Years ago I did dozens for ClearCapitol and a few other companies and they paid $50 for a drive-by BPO and $75 for an interior BPO.

It would take me 3 hours minimum to drive there, take the photos, do the BPO and upload the comps. My broker would then take 10% so a drive-by BPO that took me 3 hours would earn $45. Never again.

Spend your time on real estate. Do the math and you'll see that even one closing every few months will blow away the income from BPO's.

I wish you luck in whatever you decide to do.
0 votes
Carmen Brode…, Agent, Scottsdale, AZ
Mon Jun 16, 2014
Check with the laws in your state but if it's the same as Arizona (and/or most states), you must hang your real estate license with a broker.
0 votes
John Souerbry, Agent, Fairfield, CA
Mon Jun 16, 2014
Check your agreement with your broker. Most say that your broker must approve any work you perform for which a license is required or that has anything to do with real estate (especially anything that could expose the broker to liability).
0 votes
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